IN D E X

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LCCI BUSINESS YEAR BOOK 2012
amount(s) are not appropriated within 7
days from the date(s) of recovery.
22. DISPUTED LIABILITY
NEXIM's cover to the bank is in the
nature of an indemnity and therefore the
bank has to exhaust all possibilities of
recovering the loan from the
borrower. The amount of loss to the bank
should be admitted and not be in dispute
by the exporter. While examining the
bank's claim, NEXIM will consider the
genuineness or otherwise, of the dispute.
If, on the basis of facts presented, it is
satisfied that the dispute is frivolous, the
claim will be paid to the bank.
Otherwise, the bank would be expected
to establish its loss by recourse to legal
proceedings.
23. B A N K ' S
RESPONSIBILITIES
The bank must comply with all the terms
and conditions contained in the
guarantee agreement, particularly, due
payment of premium is a condition
precedent to any liability of NEXIM.
The bank, while giving credit/advances
and until these are paid, must exercise
such care, diligence and prudence as a
banker is expected to in the normal
course of business. The bank must also
observe utmost good faith at all times.
Step 1
The first step is to prepare a Letter of
Authority or Power of Attorney,
authorizing an$ agent to file and followup
application for registration of trade
mark at the Registry of Trade Marks, on
behalf of the proprietor or owner of the
trade mark. Apart from the instrument of
appointment which may be a letter of
authority or Power of Attorney, the agent
obtains and duly complete Form 1- the
authorization form which is submitted to
the Registrar of Trade Marks.
The bank is expected to inform NEXIM
as soon as it comes to know that;
i) The exporter is in difficulties
ii) There have been certain adverse
changes in the circumstances, which
have a bearing on the transaction
guaranteed.
The bank must take all such steps that are
required to prevent or minimize
losses, including, if necessary, the
institution of legal proceedings against
the exporter. If a claim is paid by NEXIM
under the guarantee the bank must take
all the necessary steps to recover the
advances against the security pledged by
the exporter or from any other source
from where such recoveries may be
effected. Whenever a recovery is made, it
shall be shared between the bank and
NEXIM in the same proportion in which
they shared the loss. Any recovery
expenses incurred by NEXIM or by the
bank with the consent of NEXIM will be
a first charge on the amount recovered.
The bank shall, at the request of NEXIM
supply to NEXIM any information in its
possession and take at its own cost
reasonable steps to obtain for NEXIM
any information or any document in the
possession of any third party relating
to or connected with the accounts under
the guarantee. The bank shall also extend
PROCEDURE FOR REGISTRATION OF
TRADE MARKS IN NIGERIA
The agent will after this, submit other
forms and documents as well as
processing and defending any opposition
to the registration of the trade mark. He is
also to provide address for service of
documents and maintenance of the
renewal of the mark.
An attorney or agent may be substituted
for another. Where such is the case,
another instrument authorizing such
attorney on Form 1 will be executed in
favour of the attorney. Upon receipt of
such letter, the new agent is deemed to
have power to act for the principal in
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all cooperation to NEXIM when it
decides to examine, verify or take copies
of any letters, accounts or other
documents in the possession or control
of the bank relating to or connected with
the accounts.
24. DECLINE OF LIABILITY
OR DISCLAIMER
(i) If a claim arises in any
fraudulent circumstances or if the
guaranteed or any one acting on his
behalf to obtain any benefit under the
guarantee uses any fraudulent means or
devices, NEXIM shall repudiate
liability. Fraud shall in this instance
include but not be limited to funds
diversion.
(ii) NEXIM shall not accept
liability in respect of a bank or its
employee who agreed with an exporter
not to enforce payment or who agreed to
share the claims obtained from NEXIM.
Also
25. ADMINISTRATION OF
THE GUARANTEE NECG is under
the administration of the Underwriting
Department of NEXIM
respect of the trade mark.
Step 2
The next step is the Completion of
Forms 2 and 3; that is the application for
registration of Trade Mark in Part "A" of
t h e R e g i s t e r a n d a d d i t i o n a l
r e p r e s e n t a t i o n t o a c c o m p a n y
application for registration.
The application for registration of trade
mark must state that the application is
made for registration in Part "A" of the
Register. It must also state the class of
the trade mark sought to be registered,